Narendra Modi Germany visit: Prime Minister Modi, while addressing the Indo-German Business Summit in Germany’s capital city Berlin, said that India has already completed a sizeable portion of the reforms which are to be implemented in the country. The PM also told the gathering that the Goods and Services Tax (GST) will be rolled out on July 1. The PM said ”There is tremendous potential in the economic collaboration between India and Germany. Our economic partnership is still below its full potential,” according to PTI.
The Prime Minister, who is on his second bilateral visit to Germany, said ”The last time I was here we had just begun the process of reforms, now I can safely say that we have completed a sizable part of the reforms.” PM Modi added that India is a bright spot in the global economy and India has emerged as the fastest growing large economy in the last three years and has maintained to consistently grown at an impressive rate of over 7 percent,” as reported by PTI.
PM Modi speaking at the summit has termed the GST as the ”Most historic reform” in India. The PM in a bid to encourage investments in India said that the reform trend is spreading across all Indian states and that German companies should invest in India, according to PTI.
Modi while addressing the summit also said that through the ‘Make in India’ initiative, the government is committed to transforming the country into a major player in the global value chain. In the recent past, India has implemented about 700 reforms, including in the IPR regime and on ease-of-doing-business front, according to PTI.
PM Narendra Modi is in Germany on the first leg of his four-nation visit. The Prime Minister will now visit Spain, France and Russia.